Thursday, March 24, 2011

February New Home Sales Down in February

According to estimates released by the U.S. Census Bureau and the Department of Housing and Urban Development, sales of new single-family houses in February 2011 were at a seasonally adjusted annual rate of 250,000.  This is 16.9% (±19.1%) below the revised January rate of 301,000 and is 28.0% (±14.8%) below the February 2010 estimate of 347,000. This is the single biggest decline since the Kennedy administration in the 1960's.

The median sales price of new houses sold in February 2011 was $202,100; the average sales price was $246,000. The seasonally adjusted estimate of new houses for sale at the end of February was 186,000, a supply of 8.9 months at the current sales rate.

These numbers are based on signed contracts, not actual closings.

There are builders working in Mercer County NJ and surrounding counties, and they have houses to sell.  If you are interested in purchasing a new home in Hamilton or Robbinsville, call or email me and let's talk about your options.

Joe Giancarli, SA
Real Estate Advisor

Find homes for sale using my new mobile app. Just text JOEG to 87778 and you will be sent download instructions. Once installed on your device, you will be able to do searches and see complete listing details including photos and prices. If your device is GPS enabled you will also see the listings on a map. (Data rates may apply.)

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